Summary of Conference Call Notes Industry Overview - **Industry**: Greater China Technology Hardware - **Date**: October 7, 2025 Key Companies Discussed 1. **Crystal Optech (002273.SZ)** 2. **Gosuncn Technology Group (300098.SZ)** 3. **Wingtech Technology Co Ltd (600745.SS)** 4. **OFILM Group (002456.SZ)** Core Insights and Arguments Crystal Optech - **Earnings Growth**: Reported 13% earnings growth in 2Q25 with gross margin improvement from 27.9% in 1Q25 to 30.9% in 2Q25 [2] - **Price Target Increase**: Price target raised from Rmb22 to Rmb32 due to better growth outlook for 2026-27 [8][20] - **Future Prospects**: Anticipation of a new product breakthrough from a key customer in 2H26, alongside ongoing product development [2] Gosuncn Technology Group - **Revenue Growth**: Achieved 47% revenue growth in 2Q25, with gross margin improving from 33.8% in 2Q24 to 38.1% in 2Q25 [3] - **Profitability**: Turned profitable in 2Q25 after four quarters of losses, with earnings estimates revised from a loss of Rmb4 million to a profit of Rmb96 million for 2025 [3] - **Price Target Increase**: Price target raised from Rmb3.60 to Rmb5.00 [8][20] Wingtech Technology Co Ltd - **Profit Turnaround**: Despite a revenue decline in 2Q25, the company achieved profit turnaround for the second consecutive quarter [4] - **Future Growth**: Expected high-margin business to drive revenue and earnings growth, with continuous capacity expansion planned [4] - **Price Target Increase**: Price target raised from Rmb38 to Rmb50 [8][20] OFILM Group - **Earnings Decline**: Reported a loss of Rmb50 million in 2Q25, leading to a 62% cut in earnings estimates for 2025 [5] - **Price Target Stability**: Price target remains unchanged at Rmb10, with expectations of earnings improvement driven by growth in the IoT division [5][20] - **Challenges**: Weak competitiveness and potential margin compression in the vehicle-related business due to fierce competition in the EV market [35] Additional Important Insights - **Earnings Estimates Revisions**: Significant revisions made for earnings estimates across the companies, with Crystal and Gosuncn seeing substantial upward revisions while OFILM faced downward adjustments [12][18] - **Market Sentiment**: Morgan Stanley's earnings forecasts are now 42% and 27% higher than consensus for 2025 and 2026, respectively [14] - **Valuation Methodology**: Price targets derived from a residual income model, maintaining cost of equity assumptions unchanged [19] Conclusion The conference call highlighted a positive outlook for Crystal, Gosuncn, and Wingtech, with significant earnings growth and price target increases. In contrast, OFILM faces challenges that have led to earnings downgrades and a cautious outlook.

从基金十大重仓股角度 数据显示，兴证全球基金旗下1只基金重仓歌尔股份。兴全轻资产混合(LOF)（163412）二季度持有股 数340万股，占基金净值比例为2.97%，位居第八大重仓股。根据测算，今日浮盈赚取约642.6万元。 兴全轻资产混合(LOF)（163412）成立日期2012年4月5日，最新规模26.66亿。今年以来收益16.34%，同 类排名5247/8238；近一年收益14.63%，同类排名4981/8082；成立以来收益583.97%。 10月9日，歌尔股份涨5.04%，截至发稿，报39.39元/股，成交30.45亿元，换手率2.55%，总市值1378.87 亿元。 资料显示，歌尔股份有限公司位于山东省潍坊高新技术产业开发区东方路268号，成立日期2001年6月25 日，上市日期2008年5月22日，公司主营业务涉及精密零组件业务、智能声学整机业务和智能硬件业 务。主营业务收入构成为：智能硬件54.17%，智能声学整机22.17%，精密零组件20.25%，其他(补 充)3.41%。 兴全轻资产混合(LOF)（163412）基金经理为董理。 截至发稿，董理累计任职时间10年215天，现任基金资产总规 ...

Core Viewpoint - The consumer electronics sector is experiencing a wave of mergers and acquisitions, with GoerTek's recent acquisitions being particularly noteworthy, totaling over 10 billion yuan, marking the largest scale of mergers in the company's history [2][3] Mergers and Acquisitions - GoerTek announced plans to acquire Mia Precision and Changhong Industrial, followed by a loan acquisition of UK-based Plessey, and a proposed acquisition of 100% equity in Shanghai Aolai Optical [2] - The acquisition of Mia Precision and Changhong Industrial, valued at approximately 10.4 billion HKD (95 billion yuan), is significant as it marks GoerTek's first foray into the precision structural components business [2][3] Business Expansion - Post-acquisition, GoerTek aims to expand its business scale in precision components and extend its reach into emerging fields such as automotive electronics and wearable devices, thereby opening new growth avenues [3] - The acquisitions are expected to deepen GoerTek's collaboration with Apple, enhancing the company's future development value beyond the acquisition cost [3] Focus on Emerging Markets - GoerTek's smaller acquisitions also target clients like META, which remains dominant in the global AI glasses market, with META's partnership with Ray-Ban expected to yield over 1.5 million units in 2024 [5] - The acquisition of Plessey, a leading Micro-LED company, is strategically aimed at strengthening ties with META, which holds a significant market share in AR products [6] Strategic Shift - GoerTek is transitioning from being solely an Apple OEM to a diversified AI hardware manufacturer, aiming to reduce reliance on a single client and mitigate performance volatility [7][9] - The company plans to increase its R&D expenditure to 6.27% in the first half of 2025, focusing on acoustic, optical, and diversified smart hardware products [9] Technological Advancements - GoerTek has achieved breakthroughs in optical and acoustic technologies, providing advanced solutions for clients like Meta and Sony [10] - The acquisition of Plessey will enable GoerTek to control the entire supply chain from chip design to module packaging, ensuring high product yield and cost reduction [10] Global Market Position - In the first half of 2025, 84.63% of GoerTek's revenue came from overseas markets, highlighting the company's focus on regions with higher commercial maturity and consumer willingness to pay [11] - GoerTek's subsidiary, GoerTek Microelectronics, is set to go public in Hong Kong, which could serve as a bridge to overseas capital markets [12][13]

证券代码：002241 证券简称：歌尔股份 公告编号：2025-090 歌尔股份有限公司 关于 2025 年股票期权激励计划内幕信息知情人买卖 公司股票情况的自查报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 歌尔股份有限公司（以下简称"公司"）2025 年 5 月 8 日召开的第六届董事会第 二十六次会议及第六届监事会第二十一次会议审议通过了《关于审议<歌尔股份有 限公司 2025 年股票期权激励计划（草案）及其摘要>的议案》等相关议案。 根据《上市公司股权激励管理办法》《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》等相关规定，经向中国证券登记结算有限责任公司深圳分公司 查询，公司对 2025 年股票期权激励计划（以下简称"本次激励计划"）内幕信息知情 人和激励对象在本次激励计划首次公开披露前 6 个月内（即 2024 年 11 月 8 日至 2025 年 5 月 8 日）买卖公司股票的情况进行了自查，具体情况如下： 一、核查的范围与程序 1、核查对象为本次激励计划的内幕信息知情人和激励对象。 2、本次激励计划的内幕信息知情人均填报了《内 ...

关于歌尔股份有限公司 2025 年第一次临时股东大会的法律意见 北京市天元律师事务所 京天股字（2025）第 619 号 为出具本法律意见，本所律师审查了《歌尔股份有限公司第六届董事会第二 十六次会议决议公告》《歌尔股份有限公司第六届监事会第二十一次会议决议公 告》《歌尔股份有限公司第六届董事会第二十八次会议决议公告》《歌尔股份有限 公司第六届监事会第二十三次会议决议公告》《歌尔股份有限公司第六届董事会 第三十次会议决议公告》《歌尔股份有限公司第六届监事会第二十五次会议决议 公告》《歌尔股份有限公司第六届董事会第三十二次会议决议公告》《歌尔股份有 限公司第六届监事会第二十七次会议决议公告》《歌尔股份有限公司关于召开 1 2025 年第一次临时股东大会的通知》（以下简称"《召开股东大会通知》"），以及 本所律师认为必要的其他文件和资料，同时现场审查了出席会议股东的身份和资 格、见证了本次股东大会的召开，并参与了本次股东大会议案表决票的现场监票 计票工作。 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见出具日以 前已经发生或者存 ...

2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 证券代码：002241 证券简称：歌尔股份 公告编号：2025-091 歌尔股份有限公司 公司部分董事、全体监事和董事会秘书出席了本次股东大会，部分高级管理人员列席了本次股东大会，见证律师以现场 参会方式见证了本次股东大会。 二、 议案审议表决情况 | | | | | | 合计投票结果 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 议案 | 议案 | 出席会议有 效表决权的 | 同意 | | 反对 | | 弃权 | | 表决 | | 序号 | | 股份总数 | 股数 （股） | 占出席会议 有效表决权 总数比例 | 股数 （股） | 占出席会议 有效表决权 总数比例 | 股数（股） | 占出席会议 有效表决权 总数比例 | 结果 | | 议案1 | 《关于审议<歌尔股份 有限公司 年股票 2025 期权激励计划（草案） 及其摘要>的议案》 | 841,061,0 ...

Group 1 - A-shares indices collectively rose on September 30, with most industry sectors experiencing gains, particularly in energy metals, storage chips, lithium mining, semiconductors, and battery sectors [1] - The main funds saw a net outflow of 32.79 billion yuan across the Shanghai and Shenzhen markets, with only the retail trade and defense industries showing net inflows of 1.52 billion yuan and 1.01 billion yuan, respectively [1] - Among the 29 industries with net outflows, non-bank financial and telecommunications sectors had the largest outflows, each exceeding 5 billion yuan [1] Group 2 - Nine stocks saw net inflows exceeding 500 million yuan, with GoerTek leading at 970 million yuan, attributed to advancements in AI glasses technology [2][3] - Shanzi Gaoke followed with a net inflow of 755 million yuan, as the company announced progress in debt restructuring involving a payment of 33 million euros to a banking syndicate [2] - A total of 51 stocks experienced net outflows exceeding 200 million yuan, with Lingyi Technology, New Yisheng, and Dongfang Wealth among those with outflows exceeding 1.1 billion yuan [4][5] Group 3 - Tail-end trading saw a net outflow of 2.873 billion yuan, with electronic and environmental sectors attracting over 200 million yuan in net inflows [6] - GoerTek and Guoguang Electric were among the stocks with significant tail-end net inflows, each exceeding 100 million yuan [6][7] - Conversely, Tianqi Materials and Sunshine Power experienced net outflows exceeding 200 million yuan during the tail-end trading [8]

Market Overview - On September 30, the consumer electronics sector rose by 0.05% compared to the previous trading day, with Shen Technology leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Top Gainers in Consumer Electronics - Shen Technology (000021) closed at 27.87, with a gain of 9.98%, and a trading volume of 714,800 shares, amounting to a transaction value of 1.975 billion [1] - Guoguang Electric (002045) also saw a rise of 9.98%, closing at 18.29, with a trading volume of 968,400 shares and a transaction value of 1.704 billion [1] - Other notable gainers include: - Tianjian Co., Ltd. (301383): Closed at 39.20, up 8.02% [1] - GoerTek (002241): Closed at 37.50, up 6.08% [1] - Yingtong Communications (002861): Closed at 18.61, up 4.55% [1] Market Capital Flow - The consumer electronics sector experienced a net outflow of 2.422 billion from institutional investors, while retail investors saw a net inflow of 1.363 billion [2] - Notable individual stock capital flows include: - GoerTek (002241): Institutional net inflow of 902 million, retail net outflow of 388 million [3] - Shen Technology (000021): Institutional net inflow of 557 million, retail net outflow of 230 million [3] - Guoguang Electric (002045): Institutional net inflow of 507 million, retail net outflow of 244 million [3]

9月30日，歌尔股份涨5.01%，截至发稿，报37.12元/股，成交71.40亿元，换手率6.36%，总市值1299.41 亿元。 资料显示，歌尔股份有限公司位于山东省潍坊高新技术产业开发区东方路268号，成立日期2001年6月25 日，上市日期2008年5月22日，公司主营业务涉及精密零组件业务、智能声学整机业务和智能硬件业 务。主营业务收入构成为：智能硬件54.17%，智能声学整机22.17%，精密零组件20.25%，其他(补 充)3.41%。 从基金十大重仓股角度 数据显示，长信基金旗下1只基金重仓歌尔股份。长信利泰混合A（519951）二季度持有股数8.88万股， 占基金净值比例为2.24%，位居第七大重仓股。根据测算，今日浮盈赚取约15.72万元。 长信利泰混合A（519951）成立日期2016年3月23日，最新规模5359.29万。今年以来收益45.26%，同类 排名1542/8167；近一年收益66.03%，同类排名1115/8010；成立以来收益79.88%。 截至发稿，王昭锋累计任职时间3年48天，现任基金资产总规模9242.98万元，任职期间最佳基金回报 14.3%， 任职期间最差基金回报 ...

Core Insights - The AI glasses industry is experiencing explosive growth this year, with major companies launching new products and a significant increase in shipment volumes, driven by the deep integration of AI and AR technologies [1][2] - Analysts believe that the AI glasses sector is transitioning from technological exploration to large-scale commercialization, recognized as a strategic entry point for the next generation of human-computer interaction [1][4] - The market for consumer-grade AR glasses is expected to accelerate towards mainstream adoption, with a projected shipment growth rate exceeding 60% for the year [2][3] Industry Development - Meta's CEO Mark Zuckerberg announced the launch of new AI glasses, the Meta Ray-Ban Display, featuring a display screen based on LCoS technology and priced from $799 [2] - According to IDC, global AI glasses shipments are expected to reach 2.555 million units in Q2 2025, marking a year-on-year increase of 54.9%, with audio and audio-capturing glasses seeing a staggering growth of 256.8% [2] - The Chinese smart glasses market is rapidly evolving, with AI glasses gaining traction in various sectors, including industrial, military, and health monitoring applications [3] Investment Opportunities - The AI glasses sector is viewed as a significant entry point for edge AI applications, with potential for hardware to evolve towards more intuitive user interactions [4][5] - Analysts predict that the release of new AI glasses will enhance market penetration and drive upgrades in the hardware supply chain [4] - Data indicates that the domestic AI glasses market's retail volume is expected to reach 468,000 units in the first half of 2025, a 148% increase year-on-year, with AR glasses retail volume at 195,000 units, up 77% [4][5] Key Technologies - The development of waveguide technology is crucial for the mass production and enhancement of AR glasses, with major companies collaborating to overcome existing technical challenges [5][6] - Investment focus should be on optical display components, including waveguides and upstream materials like glass wafers and silicon carbide substrates [6]